From a single property investor to a whole industry
There’s a quotation by Lao Tzu: "A journey of 1,000 miles starts with a single step." That’s pretty much how the Property Insights story started. Now CEO, Nitin Aggarwal started his own property career and became increasingly frustrated at the hours spent on the internet trying to get the information he needed. And, despite the time he’d invested, he still only had some surface level information.
His background in technology allowed him to see the potential and he set to work finding a wealth of sources where information could be obtained and creating the algorithms that would process it to deliver in-depth information on virtually any property in the UK.
“I started out with a vision to give other property investors a quick way to find and assess deals - without all that time digging for information. But the vision has expanded enormously now,” said Aggarwal.
The initial uptake was encouraging and the vision got bigger as it became clear that smaller property businesses were finding the tools useful. Property sourcers were using it to provide comprehensive reports on properties for their clients. Then estate agents followed suit - it’s always good for your reputation to give sellers unbiased information on their property’s value and to give buyers a report showing each property’s potential.
After a conversation with a well-known property educator, it became clear that there was a market there too as their students were all property investors and offering a subscription was a big plus for both educator and student.
There was a gap in the market for a robust property infrastructure to support the smaller property businesses and enable them to compete with their bigger ‘brothers’.
It was time to go back to the programming desk!
Equity funding was resourced to finance a team of developers to create APIs that offered property businesses a plug-in so they had direct access to the Property Valuations, Hotspots, Deals, Investment Analysis, Area Insights, and Reports amongst several other Property Data sets.
The next step was to offer a white label version, to add a level of professionalism for small property sourcers and independent estate agents.
This has allowed property businesses to out-perform their competitors by providing deal analysis covering everything from the market price for the property, to rental potential and yield on their investment, as well as being able to enter and vary costs of purchase and ongoing rental - and much more.
Estate agents can offer an instant online valuation widget generating new leads and the in-depth property reports help them convert these leads into instructions and even allows them to complete sales much quicker.
“Anyone in the property business will find the software useful, surveyors can use it as a yardstick and lenders to check the validity of the property values prior to agreeing an mortgage. And we’re always open to adding facilities for the property world to make life easier,” explained Aggarwal.
The vision continues to expand and, currently the picture is of a total one-stop-shop for property investors where everything around sourcing, buying and selling properties can be accessed on a single platform. Watch this space - Property Deals Insight is well on the way towards that 1,000 mile destination - one step at a time.